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Carat Trends 2021 the Year of Emotionally Intelligent Marketing a Year of Emotionally Intelligent Marketing Table of Contents $ Carat Trends 2021 The Year of Emotionally Intelligent Marketing A Year of Emotionally Intelligent Marketing Table of contents A Year of Emotionally Intelligent Marketing 3 Fifty years ago in 1970, American the biggest markets to apply Daniel Speed Read - Carat Trends 2021 5 writer and futurist Alvin Toffler wrote Goleman’s theory of EQ to the world of his best-selling book Future Shock. The brands. We asked questions about forty- book defined the phrase as a certain eight of the world’s biggest brands and Part 1 – Societal Trends Shaping the 2020s 7 psychological state of individuals and how the experiences they deliver meet Dan Calladine entire societies brought about by a the five criteria for high (or low) emotional Head of Media Futures 1. From FOMO to FOGO 9 Business Intelligence personal perception of “too much intelligence. The comparison of the Carat change in too short a period of time”. performance of the most emotionally 2. The Donut Problem 11 2020 has undoubtedly been that year. intelligent brands’ share prices with their lower scoring peers and stock market 3. Connected Lives 13 The world feels like a very different place average indices was telling. Higher EQ to the end of the previous decade. For is correlated with higher shareholder 4. Respecting Privacy 15 brands, the volatile times mean a greater returns. need for emotional intelligence; listening 5. The Great Divide 17 Sean Healy and understanding how their consumers One of our key findings was that Chief Strategy Officer feel and helping people navigate technology driven, innovative brands Carat Part 2 – Hottest Media Trends of 2021 19 the new world through their products, scored more highly in EQ than brands services and actions. in categories that deploy more 6. The Camera’s New Life 21 classical marketing techniques. This This year we have split our annual trends was particularly true amongst younger 7. Screen-free Media 23 report into three sections. cohorts that typically adopt new trends and technology first. 8. The Decade of Paid 25 Section one looks at five long term societal trends that are changing how we So, this year our trends predictions 9. Responsible Media 27 live our lives. focus on ways that societal and media developments can be brought together 10. The Metaverse 29 Section two looks at shorter-term patterns to create experiences that enable brands and innovations that we will see in the to create a meaningful value exchange 11. Social Screening 31 media landscape in 2021. with people and display emotionally intelligent traits more broadly in how they 12. Connecting the Dots 33 Section three looks at the connections show up. and intersections between the different Part 3 – Intersections Between the Trends 35 trends and patterns. It provides a starting Lastly, we have set out to make the 2021 point for you to think about ways that you Trends as practically useful as possible. Workshop tool – Map Your Own Intersections 36 can build smart, emotionally intelligent The team has mapped out some of the experiences for people in 2021. most exciting intersections between Footnotes 41 trends. This is where magic and innovation So why this emphasis on using emotional can really happen for your brand. We About Carat 44 intelligence to make trends actionable? have even mapped out some templates to help you turn our starter thoughts into a Earlier this year Carat fielded a study highly productive workshop. amongst 10,000 people in ten of Here’s to a year of innovative, emotionally intelligent brand building! Carat Trends Report 2021 | 3 Societal Trends Shaping the 2020s From FOMO to FOGO We no longer have the Fear of Missing Out, we Hottest Media Trends have the Fear of Going Out! We are living much more distanced lives, forcing brands to design of 2021 ‘remote-first’ products and services. The Camera’s New Life The Donut Problem Distanced life has accelerated the use of both Working from home means that fewer people augmented reality and QR codes, which use are travelling into the centre of towns and the phone’s camera. With usage rising, these cities, creating a donut shape with significant technologies have become a lot more relevant. implications for media and retail. Screen-free Media Connected Lives Digital audio is also growing fast, and targeting The number of devices in our homes (and on our can be similar to digital video. Brands’ audio bodies) is growing fast. Brands need to find ways strategies are expanding from voice search and into the new ecosystems and consumer habits. podcasting to advertising and audio identities. Respecting Privacy Responsible Media Consumers’ need for privacy is growing. While It’s not just about brand safety; it’s also about some brands are actively marketing on their societal safety – ad spend should not fund bad privacy credentials, all brands need to find ways to people. target without personal data. The Decade of Paid The Great Divide More people are paying for content, which means The world has never felt more divided. Brands that high-quality ad inventory is falling. It’s time for need to know where they stand and how to brands to look for sponsorships, partnerships, and communicate this. ways to integrate messages into the content. The Metaverse Gaming is evolving to a much more social place, with the potential to be the main social media for many. We’re already shopping on social platforms, so why not in games? Social screening People are watching together online but separately, within Twitch, Facebook and elsewhere. Why have a long weekly call or a Zoom quiz when you could watch a new episode of The Simpsons together? Connecting the Dots The tech giants are consolidating their power by integrating their different businesses. Growing synergy makes them even more like ‘frenemies’, controlling many of the most valuable tools, and access to data. Speed Read – 2021 Trends Carat Carat Trends Report 2021 | 5 PART 1 – Societal Trends Shaping the 2020s 1. From FOMO to FOGO 2. The Donut Problem 3. Connected Lives 4. Respecting Privacy 5. The Great Divide Carat Trends Report 2021 | 7 1. From FOMO to FOGO If the 2010s saw the rise of FOMO the Fear Of What next? Missing Out, the turn of the decade changed As the pandemic continues into the 2020s, we the feeling to FOGO (the fear of going out). are likely to see these effects remain, with people Conspicuous consumption has been replaced still spending far more time in their own homes. by anxiety and sheltering in place, with many But as time goes on, we will see some critical cautious about doing things that used to be changes. There will be greater polarity in how ‘normal’ including shopping, using public people respond, based on age (with younger transport, and being in crowded spaces. people being more willing to socialise again) and use of technology (with households with By the summer of 2020, one third of the world’s multiple connected devices better able to cope population had been in some form of lockdown, with isolation). Also, people who have jobs based according to Business Insider.1 Forced to stay at around using a screen will be able to work from home, our lives have shifted online, resulting in home far more easily. We will also see many considerable increases in the use of at-home people, especially the more introverted, realise media like Netflix, Zoom, or Twitch. that they prefer spending more time at home. As a result, many new consumer segments will emerge Commerce went digital at unprecedented levels, that brands need to understand. delivering what McKinsey described as ten years gains in three months2. Online retailers have What should brands do? benefitted – Shopify’s revenues doubled3 – but Brands need to show a high level of empathy so have those that have mastered omnichannel, at these difficult times, to help customers and letting people buy online and collect in a local employees adjust as smoothly as possible. store (and easily return goods too.) People are watching how brands behave like never before, and companies showing a lack of “There will be greater polarity to empathy are regularly shamed on social media. how people respond to the at- It’s not business as usual; acknowledge this and explain how you are trying to make things better. home life, depending on age Carat’s research on emotional intelligence in and access to technology.” 2020 discovered that clear and meaningful communication is the most critical driver of how Many of us started to work from home and found people perceive a brand’s emotional intelligence.6 that they could be as productive as before using new productivity tools, and equipment letting Brands also need to ensure that they have a them create home offices. We have also seen a contactless path to purchase: help people browse significant shift to remote education4 and health5. and experience the brand just as easily from home as in-store. This includes content on social media, In a time of rapid change, there is lots of scope use of new technologies like AR, and simple ways for creativity to shine through. Amazon has just to buy through multiple channels. introduced Amazon Explore to Prime members in America. It is essentially a mash-up of Airbnb’s online experiences, with the Asian trend of shopping via live video streams. Explore lets people book a session with a local guide, who can take them for a sightseeing trip or to a shopping area (cookware in Tokyo, luxury shopping in Paris) where they can buy what they see. Carat Trends Report 2021 | 9 Photo by Gabriel Benois on Unsplash 2.
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